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Greek Banking business / Eurobank in Ukraine

» Greek Banks in the Balkans

Greek banks – despite their small size compared to European financial giants – have managed to develop a network of 3,000 branches, while their market share in the Balkans is approaching 20%. In fact, in certain markets, such as that of the Former Yugoslav Republic of Macedonia, the Greek banks’ share totals 35%. The momentum of the sector is obvious in the case of Serbia. Due to political turbulence in the country, Greek banks had delayed their market penetration. Yet within just two years, they have reversed that situation entirely, and five Serb bank acquisitions by Greek banks have been recorded in the 2004-2007 period. The next major step for Greek banks is in Ukraine. Pireus Bank has made an important move by acquiring International Commerce Bank (ICB), which has a network of 133 branches. Also present in Ukraine is EFG Eurobank, the first Greek banking institution to enter the Ukrainian market by buying out Universal Bank. Alpha and National Bank are also on the lookout for an acquisition target in that country.   Kathimerini daily: Greek banks hit gold in Balkans; The Bridge Magazine: Globalization and profits in the Balkans  Continue reading

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